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Insurance UK
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March 05, 2024
FCA Begins Crackdown On Poor-Value Insurance Products
The move by the Financial Conduct Authority to restrict sales of guaranteed asset protection insurance is a sign of a faster approach to market intervention, and could lead the regulator to scrutinize other underperforming products, consultants say.
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March 05, 2024
FCA Orders Total Pause On Asset Protection Insurance Sales
The Financial Conduct Authority said Tuesday it has struck a deal with the remaining providers of guaranteed asset protection insurance to pause all sales as it examines whether the additional safeguard for policyholders offers value for money.
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March 04, 2024
5th Circ. Says Hurricane Coverage Battle Must Be Arbitrated
A Louisiana property owner and its eight domestic insurers must arbitrate the owner's claims that they mishandled and delayed paying its Hurricane Laura property damage claim in bad faith, the Fifth Circuit ruled Monday, reversing a district court's decision that found an arbitration provision at issue unenforceable.
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March 04, 2024
McLaren Ups Claim Against Spanish Racing Driver To $31M
McLaren Racing Ltd. has hiked its claim against Álex Palou, alleging that it lost an estimated $31 million when the Spanish driver walked away from their Formula 1 deal and signed with a competitor.
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March 04, 2024
Most UK Pension Schemes Offering Below-Inflation Increases
Most defined benefit pension schemes are offering their members increases below inflation levels, prompting calls for discretionary payment boosts in light of funding improvements, pensions consultancy Broadstone said on Monday.
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March 04, 2024
FCA Warns Asset Managers To Follow Sustainability Rules
The Financial Conduct Authority has warned chief executives of asset management companies that it will focus on their compliance with rules on sustainability disclosure that come into force this year.
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March 04, 2024
5 Questions For Peter Carter On Insider Dealing Prosecutions
The Financial Conduct Authority's successful prosecution of a former Goldman Sachs analyst for insider dealing provides new insights into what a determined criminal will do to get around compliance procedures and break the law. Here Peter Carter KC at Doughty Street Chambers, who led the prosecution for the FCA, talks to Law360 about the intricacies of tackling these kinds of cases.
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March 04, 2024
Gov't To Require Pensions To Disclose UK Investments
The U.K. government said it will require pension schemes to disclose how much they invest in U.K. businesses, as part of a wider effort to tap into the sector for economic growth.
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March 04, 2024
RPC Advises Aviva's Return To Lloyd's With £242M Deal
British insurer Aviva PLC said Monday that it plans to return to the Lloyd's of London market after two decades through its £242 million ($307 million) acquisition of Probitas, an insurance group.
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March 01, 2024
Business Owners Fail To Prove COVID Impact, Insurer Says
A pub landlord and seven other business owners have failed to prove that a case of COVID-19 occurred at each of their premises and caused its closure, therefore justifying insurance cover, Liberty Mutual Insurance Europe SE has said.
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March 01, 2024
Broker Marsh Expands Ukraine War Insurance Facility
Insurance broker Marsh McLennan said on Friday that it is extending its Ukraine war risk insurance to cover ships carrying all non-military cargo, including containerized shipping, in support of the country's wider maritime industry.
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March 01, 2024
Greenwashing Risk Warning As EU Plans Benchmark Change
European asset managers warned on Friday that expected revisions to the rules on benchmarks would remove transparency, hindering the explanations about sustainability that they need to give investors to fight against greenwashing.
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March 01, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a legal battle between confectionary heavyweight Mars Wrigley UK and a frozen food manufacturer, a trademark infringement claim by Abbott Diabetes Care over glucose monitoring meters, Mercedes-Benz Group hit with two commercial fraud disputes, and the Mediterranean Shipping Company tackle a cargo claim by an insurance company. Here, Law360 looks at these and other new claims in the U.K.
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March 01, 2024
FCA Says Grenfell Reinsurance Scheme Will Cut Premiums
A new reinsurance scheme will reduce the cost of insurance for leaseholders in flats, the Financial Conduct Authority has said, as it seeks to bring down premiums that have risen steeply since the Grenfell Tower fire seven years ago.
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March 01, 2024
EU Watchdog Probes Low Natural Disaster Insurance Take-Up
Europe's insurance regulator has found that reluctance among consumers to invest in natural catastrophe insurance is influenced by concerns about costs, a lack of clarity about policy terms and negative past experiences.
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February 29, 2024
Police Federation Liable For 9,500 Pension Payouts
The Police Federation of England and Wales is on the hook to compensate thousands of its members after a group won its legal battle over a pension scheme that gave young officers worse benefits than older colleagues, a tribunal has ruled.
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February 29, 2024
FCA Plan To Name Suspect Firms Early Alarms Finance Sector
Plans put forward by the Financial Conduct Authority to name companies under investigation early might unfairly cause "catastrophic" damage to reputations, even if the regulator later drops the case, according to lawyers.
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February 29, 2024
MPs Quiz Watchdog On Chaos At Local Gov't Pension Fund
A group of senior MPs has asked the pensions watchdog about the steps it has taken to tackle disruption at a local government retirement fund where thousands of savers have faced delays in receiving their benefits.
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February 29, 2024
UK Pension 'Surplus Extraction' Changes Could Unlock £340B
Government proposals to use the surplus held in defined benefit pension schemes could unlock £340 billion ($430 billion) for investment in U.K. businesses or payments for members, according to PwC.
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February 29, 2024
£1.84B Of Gov't-Backed COVID Loans Suspected Fraudulent
Some £1.84 billion ($2.32 billion) of U.K. government-backed COVID-19 loans granted to help businesses through the pandemic are suspected to be fraudulent, the Department for Business and Trade said Thursday.
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February 29, 2024
Pensions Watchdog Chief Under Fire As Staff Strike Again
Workers at the U.K. pensions watchdog started a 12-day walkout on Thursday, criticizing the "head-in-the-sand attitude" of the regulator's chief executive and claiming she has ignored their requests to resolve a months-long pay dispute.
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February 29, 2024
Insurer Direct Line Rejects £3B Linklaters-Backed Ageas Bid
British insurer Direct Line has rejected a £3.1 billion ($3.9 billion) offer from Ageas, a Belgian-French rival, finding that it was "uncertain, unattractive, and that it significantly undervalued" the group.
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February 28, 2024
MPs Launch Inquiry Into Effectiveness Of Russia Sanctions
Parliament's Treasury Select Committee on Thursday said it is launching a parliamentary inquiry into whether Britain's sanctions against Russia have been effective in hampering the Kremlin's ability to finance its war with Ukraine.
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February 28, 2024
Insurer To Pay £15K To End Abuse Payout Row With Ex-Vicar
The Church of England's main insurer has agreed to pay £15,000 ($18,950) in a settlement to resolve a dispute over a former vicar's liability for money the insurer paid to settle victims' claims after he was convicted of child abuse.
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February 28, 2024
Bogus Insurance Claim Lawyer Seeks To Overturn Striking Off
A solicitor who made a false insurance claim over a road traffic accident urged a court on Wednesday to restore him to the profession, saying that a tribunal did not consider the "exceptional circumstances" of the case.
Expert Analysis
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Series
Why I Became A Lawyer: Being There For Families In Trouble
My parents' contentious, drawn-out divorce was one of the worst experiences of my life. But it taught me how to be resilient — and ultimately led me to leave corporate litigation for a career in family law, helping other families during their own difficult times, says Sheryl Seiden of Seiden Family Law.
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3 Ways To Leverage Vulnerability For Lawyer Well-Being
Admitting to imperfection is an elusive construct in the legal industry, but addressing this roadblock by capitalizing on vulnerabilities can increase personal and professional power, says life coach and attorney Julie Krolczyk.
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Zurich Case Brings Clarity To Complex Contempt Proceedings
The U.K. Court of Appeal's recent decision in Zurich v. Romaine provides insight into the meaning of "in the public interest" in the context of bringing contempt proceedings against a party or witness who verifies false claims, says Matt Peacock of Signature Litigation.
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What A No-Deal Brexit Would Mean For Dispute Resolution
In the event of a no-deal Brexit, arbitration may become a more attractive option as a dispute resolution mechanism, as it offers relatively easy enforcement and clauses that could negate some uncertainty caused by Brexit, says Donna Goldsworthy of BDB Pitmans.
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The Problem — And Opportunity — Of Implicit Bias In The Bar
Law firms are beginning to recognize implicit bias as a problem. But too few recognize that it is also an opportunity to broaden our thinking and become better legal problem solvers, says Daniel Karon of Karon LLC.
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Roundup
Pursuing Wellness
In this Expert Analysis series, leaders at some of the law firms that committed to the American Bar Association's 2018 pledge to improve mental health and well-being in the legal industry explain how they put certain elements of the initiative into action.
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Series
Why I Became A Lawyer: Expanding The Meaning Of Diversity
My conservative, Catholic parents never skipped a beat when accepting that I was gay, and encouraged me to follow my dreams wherever they might lead. But I did not expect they would lead to the law, until I met an inspiring college professor, says James Holmes of Clyde & Co.
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2 Perspectives On Navigating The Litigation Funding Process
Paul Martenstyn of Vannin Capital and Daniel Spendlove of Signature Litigation share their top tips on how to get a case funded, drawing from their respective experience as a funder and a lawyer.
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Answers To Key Legal Finance Ethics Questions
While there is discussion in some quarters about new regulations on commercial legal finance, the hands-off approach taken by the majority of courts and legislatures is an implicit recognition that it is already sufficiently regulated, says Danielle Cutrona of Burford Capital.
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Competing Legal Factors Vex Insurance Arbitration Disputes
The Fifth Circuit ruled in May that international arbitration policy trumped state insurance law in McDonnel Group v. Great Lakes Insurance. But the courts have been inconsistent in applying conformity-to-statute clauses, the McCarran-Ferguson Act and a related U.S. treaty in the battle between federal preemption and state reverse preemption, says Gilbert Samberg at Mintz.
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Cannabis Investors Should Beware Money Laundering Risk
Even if marijuana-related businesses are in compliance with local laws, their investors are not free of legal risk so long as cannabis remains a controlled drug in other countries, such as the U.K., say Robert Dalling and Wade Thomson of Jenner & Block.
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Real-Life Lessons For Lawyers From 'Game Of Thrones'
What lessons can the various hands, maesters, council members and other advisers in "Game of Thrones" impart to real-life lawyers? Quite a few, if we assume that the Model Rules of Professional Conduct were adopted by the Seven Kingdoms, says Edward Reich of Dentons.
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UK Firms Should Be Prepared For Government Raids
Recent enforcement activity from the Financial Conduct Authority and other regulators highlight the penalties firms face for procedural breaches, and the value in ensuring that employees are well-equipped to handle unannounced inspections, say James Marshall and Sonja Hainsworth of Bryan Cave.
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Series
Why I Became A Lawyer: Completing The Journey Home
My mother's connection to her Native American heritage had a major influence on my career — my decision to enter the legal profession was driven by the desire to return to my tribal community and help it in any way I could, says Jason Hauter of Akin Gump.
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3 Insurance Issues Raised By The Notre Dame Cathedral Fire
The devastating Notre Dame Cathedral fire provides a rare opportunity to consider the many unique factors that owners and insurers must consider when insuring national treasures, say attorneys at Zelle.